I have to admit that the current rally is surpassing anything I would have ever expected at the beginning of the year. We’re in that “can’t lose” market environment where every little dip is bought, every data point is positive and stock literally don’t go down. And when one digs a little deeper into the story behind this rally you can see just how amazing it’s been. Here are the year-to-date stats (that’s 2.5 months for those keeping track):
Germany’s DAX: +20%, 96% annualized
S&P 500: +11%, 52% annualized
S&P 500: up 67% of all sessions, just one -1% day in 51 trading sessions.
Nasdaq 100: +19%, 91% annualized, up 73% of all sessions.
Homebuilders Index: +23%, 110% annualized
S&P Financials: +21%, 100% annualized
Apple, the world’s largest company: +45%, 216% annualized
Minsky once said that stability creates instability. But there are no signs of instability here….
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